Explain any 5 features of business environment.
Answers
Answer:
Explanation:
The main features of business environment are:
1. All the external forces:
Business Environment includes all the forces, institutions and factors which directly or indirectly affect the Business Organizations.
2. Specific and general forces:
Business environment includes specific forces such as investors, customers, competitors and suppliers. Non-human or general forces are Social, Legal, Technological, Political, etc. which affect the Business indirectly.
3. Inter-relation:
All the forces and factors of Business Environment are inter-related to each other. For example with inclination of youth towards western culture, the demand for fast food is increasing.
4. Uncertainty:
It is very difficult to predict the changes of Business Environment. As environment is changing very fast for example in IT, fashion industry frequent and fast changes are taking place